Euro rebounds as Eurozone economy displayed larger then expected strength. Eurozone Q1 GDP grew 0.4% qoq, above expectation of 0.3%, and doubled Q4’s 0.2%. EU 28 GDP grew 0.4% qoq.

Other GDP data released today are also positive. France GDP grew 0.3% qoq in Q1, same as Q4 and matched expectations. Italy GDP grew 0.2% qoq in Q1, much better than expectation of -0.1% qoq. Spain GDP grew 0.7% qoq, accelerated from Q4’s 0.6% and beat expectation of 0.6% qoq.

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Also from Eurozone, unemployment rate dropped to 7.7 in April, better than expectation of 7.8%. That’s also the lowest level since September 2008. German import price rose 0.0% mom in March, below expectation of 0.3% mom. German Gfk consumer sentiment for May was unchanged at 10.4, above expectation of 10.3. German unemployment dropped -12k in April, worse than expectation of -6k. German unemployment rate was unchanged at 4.9% in April.

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